The South Korea sports tourism market is estimated to reach USD 7,152 million in 2022. As per the report, demand for sports tourism in South Korea is forecast to increase at a robust 6.5% CAGR during the forecast period. Total revenue share in the South Korean sports tourism market share represents 10-12% of the global sports tourism market.
| Attribute | Details |
|---|---|
| South Korea Sports Tourism Market Estimated Size (2022) | USD 7,152 Million |
| South Korea Sports Tourism Market Value-based CAGR (2022 to 2032) | 6.5% |
| South Korea Sports Tourism Market Top Players Share in 2021 | 12%-16% |
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The COVID-19 outbreak has harmed the demand for sports tourism in South Korea. However, as things return to normal and vaccination campaigns ramp up, sports tourism is expected to fully recover by 2022.
People are becoming more health-conscious, and it is expected that they will actively participate in sporting activities to fulfill their desire for a healthy and active lifestyle. When the situation improves and travel restrictions are lifted, sports tourism will regain momentum due to the global population's insatiable love and passion for sports boosting the South Korea sports tourism market opportunities.
The South Korea sports tourism market is expanding due to a rise in the number of sporting events taking place in different states of South Korea, especially on Jeju Island, a semi-tropical island off the south coast.
New tournaments are being held in existing venues to attract more spectators, and new venues for existing tournaments are being established to attract more spectators, in order to broaden the reach and popularity of South Korea sports tourism market. As the number of sports tourists grows, so does the demand for more seating capacity at sporting venues around the world influencing the South Korea sports tourism market future trends.
As sports event venues can accommodate a larger number of visitors, larger seating capacities result in higher ticketing revenue generation. Increased revenue from tickets and sports packages will propel the South Korea sports tourism market opportunities forward. Many sports clubs and events are expanding their capacity to accommodate sports tourists. As a result, new tournaments held in existing venues will generate lucrative revenue for the South Korea sports tourism market.
Principal Consultant
Government Promotion:
Government is promoting major sports events to all corners of the country, widening economic development and raising awareness of zones beyond the capital city of Seoul, in order to encourage the South Korea sports tourism market. Additionally, the government is ensuring that the mass media have a reliable and balanced tourism description about the country to export internationally.
Achieving the Right to Host:
Winning the right to host a major sporting event offers a special opportunity to promote the South Korea sports tourism market, break down cultural stereotypes, and highlight the diversity of the nation in areas like the arts, culture, heritage, music, and dance.
Catalyst for Modification:
In addition to that, it acts as a catalyst for change with job creation and the development of skills through volunteerism and huge investment in expansive exhibition and conference halls equipped with advanced technology.
Incheon - Nearest International Gateway City:
After the capital city (Seoul), the nearest international gateway city is Incheon, which has seen huge expansion and aims to become one of the four top distribution hubs in the world, having been designated as a ‘free-economic zone’. One such great example is that it helped the country win the right to organize the 2014 Asian Games.
| Market Driver | Growing contribution to GDP and employment |
|---|---|
| Market Challenges | Terrorism has a significant impact. |
| Market Development | An increase in the number of sporting events |
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Developing new South Korea sports tourism markets by facilitating the convergence of sports and other industries, supporting small but strong sports companies in financing and management, and encouraging development of new technology by certifying R&D, are likely to promote South Korea sports tourism market share.
Policies Supporting South Korea Sports Tourism Market Share
Infrastructural development in islands and countries like Jeju, Muju, etc. provided tremendous sports to sports tourism in South Korea.
Jeju Islands
Jeju Island has crafted sports tourism a centerpiece of its offerings.
South Korea has many islands and islets, and one of the biggest is Jeju, which is a semi-tropical island off the south coast, formed by the ancient exploits of an immersed volcano. It is home ground to PGA standard golf courses and a first-class football stadium. However, nature remains the key attraction to adventure and health tourists.
The Jeju International Ironman Korea officially owned and conducted by the World Triathlon Council. Jeju promotes the South Korea sports tourism market. Due to the adrenaline adventurers, the island is a natural playground to scuba dive, paraglide, mountain bike, or backpack to the craters and lava streams.
Muju Islands
Muju is a county located in the central part of the South Korean Peninsula. In 2013, Taekwondo Park was set to open in Muju, and which was anticipated to be a modern world cultural heritage for Koreans and foreign sports enthusiasts. The park is constructed under Mount Base Kunsan in Muju, which is popular for the beautiful scenery of nine valleys.
Taekwondo Park
The Taekwondo Park is a huge sports village divided into three theme sectors: “Mind” dedicated to training with a multi-purpose stadium and World Taekwondo Academy; “Body”, referred to as a ‘space for experience', encompass, for example, a Taekwondo Exhibition Hall and a ‘World Taekwondo Village’; “Spirit” symbolize what the sport means to the home nation, but also sports individuals around the world and contain a “Hall of Honor”, “Water Terrace” and “Observatory”.
It is projected that the development of each of these islands and their associated projects is likely to promote South Korea sports tourism market expansion.
Online Booking is More Preferred by Sports Tourists.
Since using an online booking or mobile application platform allows for a direct, hassle-free digital transaction, instant tracking, and increased security, tourists prefer online booking.
Online booking segment is expected to dominate the South Korea sports tourism market. Additionally, as people can use the internet to research and compare different holiday destinations, lodging options, dining options, and other factors, online booking is becoming more and more popular all over the world.
Popularity of South Korea Tourism among Middle-aged People is expected to Remain High during the forecast period.
In terms of age group, the number of tourists in the 26-35-year-old bracket is expected to rise significantly, since this demographic is more inclined to visit various tourist attractions and is more interested in seeing various adventure sites.
Consumers in this segment place a high value on recreational and adventure activities, such as exploring various islands, scuba diving, sightseeing, etc., and are inclined towards visiting popular sites as per the destination rankings. As a result, demand for sports tourism in South Korea is expanding.
Taekwondo is the national sport of South Korea, but Football and Baseball are the most popular sports among the South Koreans.
American missionaries brought baseball to South Korea in 1905, and since the sport has attracted a sizable following there. The country has one of the strongest teams in the world, and it frequently competes in the World Baseball Classic. The national league, the KBO League, is well-liked. Finest accomplishments include earning a bronze medal at the 2012 Summer Olympics and making it to the 2002 FIFA World Cup semifinals.
In order to diversify South Korea's sports tourism market offering and draw more travelers, travel companies working in the sports tourism sector seek strategic alliances and partnerships with other tour operators or travel agencies.
For instance:
During the 2018 Winter Olympics, the Ministry of Culture, Sports, and Tourism opened the gates not only for the North Korean players, but for its country’s spectators as well.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2016 to 2021 |
| Market Analysis | USD Million for Value |
| Key Region Covered | EA (East Asia) |
| Key Countries Covered | South Korea |
| Key Segments Covered | Sports Type, Sports Tourism Type, Consumer Orientation, Booking Channel, Tourist Type, Tour Type, Age Group, and Region. |
| Key Companies Profiled | MyRealTrip; Tripstore; Creatrip; TNDN; Tripbtoz; OnlineTour; Discover Seoul Travel PASS; Incheon Tourism Organization; Halalroad; JEJU TOURISM ORGANIZATION; Ministry of Culture, Sports and Tourism; Super Bike Tour Seoul; Danyang Paragliding; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The South Korean sports tourism market is expected to reach a valuation of USD 7152 million in 2022.
The South Korea sports tourism market is projected to grow at a 6.5% CAGR over the forecast period.
The growing popularity of various types of sports events, new tour launches, and customized tours are the South Korea sports tourism market key trends and opportunities.
The South Korean sports tourism market grew at a rate of 6.0% CAGR between 2017 and 2021.
1. Executive Summary 2. Market Introduction 3. Sports Tourism Industry Analysis 4. South Korea Sports Tourism Market Dynamics 5. Market Background 6. Categorizing of South Korea Sports Tourism Market, 2021 6.1. Current Market Analysis by Sports Type 6.1.1. Football/Soccer 6.1.2. Cricket 6.1.3. Motorsports 6.1.4. Basketball 6.1.5. Others 6.2. Current Market Analysis by Tourism 6.2.1. Sports Event Tourism 6.2.2. Nostalgia Sports Tourism 6.2.3. Active Sports Tourism 6.2.4. Passive Sports Tourism 6.3. Current Market Analysis by Tour Type 6.3.1. Independent Traveller 6.3.2. Tour Group 6.3.3. Package Traveller 6.4. Current Market Analysis by Consumer Orientation 6.4.1. Men 6.4.2. Women 6.4.3. Children 6.5. Current Market Analysis by Age Group 6.5.1. 15 to 25 Years 6.5.2. 26 to 35 Years 6.5.3. 36 to 45 Years 6.5.4. 46 to 55 Years 6.5.5. 66 to 75 Years 6.6. Current Market Analysis by Booking Channel 6.6.1. Phone Booking 6.6.2. Online Booking 6.6.3. In to Person Booking 7. Social Media Sentimental Analysis 7.1. Facebook 7.2. YouTube 7.3. Instagram 7.4. Twitter 7.5. LinkedIn 7.6. Pinterest 7.7. Google+ 7.8. Others 8. Competition Analysis 8.1. MyRealTrip 8.2. Tripstore 8.3. Creatrip 8.4. TNDN 8.5. Tripbtoz 8.6. OnlineTour 8.7. Discover Seoul Travel PASS 8.8. Incheon Tourism Organization 8.9. Halalroad 8.10. JEJU TOURISM ORGANIZATION 8.11. Ministry of Culture, Sports and Tourism 8.12. Super Bike Tour Seoul 8.13. Danyang Paragliding 8.14. Others (As per request) 9. Assumptions and Acronyms Used 10. Research Methodology
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South Korea Sports Tourism Market
